In tis brief blog we will cover getting a right to buy mortgage with no deposit.
If you want to get a right to buy mortgage but are struggling to save up a mortgage deposit then you may be able to get a right to buy mortgage with no deposit.
If you are concerned you wont be able to get a right to buy mortgage without any deposit then you may want to speak to a right to buy mortgage broker to see what your mortgage options may be .
What is the right to buy scheme?
The right to buy scheme is a government scheme which allows council tenants in England to buy their council homes at a discount.
How do you get a right to buy mortgage with no deposit?
In most cases, the discount given to you would be accepted as a mortgage deposit by the mortgage lender. The only exception would be if you have bad credit issues which require you to put down a larger mortgage deposit.
Different mortgage lenders have varying criteria on their right to buy mortgages and this means there are some right to buy mortgage lenders who will require a mortgage deposit of between 5% to 10%.
In theory you shoulde be able to get a right to buy mortgage with no deposit.
When may you need a right to buy mortgage deposit?
You may need a right to buy mortgage deposit if the following applies.
If you have bad credit the mortgage lender may require you to put down a right to buy mortgage deposit.
If you are a self-employed borrower then the right to buy mortgage lender may require you to put down a mortgage deposit to reduce the risk to them y reducing their loan to value.
If you are buying a non-standard construction property then you may be required to put down a mortgage deposit with your right to buy mortgage
The right to acquire scheme
The right to acquire scheme is similar to the right to buy mortgage but is is aimed towards housing association tenants. With the right to acquire scheme you can also get a right to acquire mortgage with no mortgage deposit.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.